Financial Literacy at PurpleLily
We are proud to say that PurpleLily has recently completed its first two groups of its “Financial Compass Clubs”. This program was created and developed by Aidha (www.aidha.org) in Singapore. It has been trialled, tested and refined and has proven to be successful in teaching participants to build basic financial management skills and effective strategies to save money. These savings provide a safety net for their families and a foundation for new opportunities in the future.
PurpleLily is very fortunate to have collaborated with Aidha, and brought this financial club to Sarawak. We are thrilled that, over the last six months, our participants have individually saved between 200rm and 2,850rm. It has been amazing to witness first-hand the transformation in our participants’ savings habits.
Many participants had very little understanding of managing their own finances in order to save money. Our Financial Compass Clubs have given them the opportunity to learn some basic financial skills such as tracking their expenses, making a budget, prioritising and saving for an emergency. Equally important, they now have the confidence to believe in themselves and have realised that even if they have a low income, they can still save for a better future.
One of our “stars”, Meena, had very limited skills when it came to saving money. When I first met her, I asked her how much money she was saving per month to which she smiled and said around 50rm/month. I chatted with her for 20 minutes about tracking expenses, setting a savings goal and then gave her a few strategies. When we parted I “challenged” her to save 200rm the following month.
A month later, Meena came to me and announced that she had saved 200rm and wanted to come to our workshops. She organised a group of friends and, over the last 6 months, we have facilitated Life Skills workshops and the Financial Club for them. Meena has officially finished paying off her car loan this month and is now saving 350rm/month. She has a personal goal identified as to why she needs to save. I believe in her and I know she will reach her dream! I’ve also seen her self-confidence grow, which was reflected in her excellent presentation to her group at the Presentation skills workshop!
We were so pleased to hear that some of the women who learnt some financial skills from our programme are now sharing their new knowledge with their families and friends. Emily (one of our participants) told me that her whole family is now tracking their expenses daily and have a more accurate family budget in place.
It has been such an interesting and rewarding experience to see these women grow and bloom month by month.
Many thanks must go to our volunteers, Stephanie and Suraya, who have been working really hard to translate the Financial Club into the BM language. We are now ready to reach more women and share our financial skills in their own language!